ORLANDO, Fla., Feb. 12, 2020 /PRNewswire/ -- Florida's housing market wrapped up 2019 with more sales, higher median sale prices and more pending inventory compared to the year before, according to the latest housing data released by Florida Realtors®.
"Florida's economy is growing and every day, more than 900 people are moving to the Sunshine State, according to state economists," said 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of SaraBay Suncoast Realty Inc. in Bradenton. "The state's jobs market remains strong with the latest unemployment rate (December 2019) at a record low of 3%, even better than the national unemployment rate of 3.5%. Mortgage interest rates have continued to remain at historically low levels, which is good news for homebuyers. And Florida's homeownership rate in 4Q 2019 was 66.6%. All of these factors are positive signs for the state's housing market in 2020."
Statewide closed sales of existing single-family homes totaled 70,839 in the fourth quarter of 2019, up 11.6% compared to the year-ago figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
"Fueled by low mortgage interest rates, sales of Florida homes in the 4th quarter were very strong compared to a year ago," said Florida Realtors Chief Economist Dr. Brad O'Connor. "Meanwhile, the number of properties being listed for sale has not been changing much, so the result is that the surge in sales is continuing to drive down inventory levels. As long as we continue to see these low rates, we should expect this trend to keep pushing home values upward."
The statewide median sales price for existing single-family homes for 4Q 2019 was $265,900, up 4.3% from 4Q 2018. New pending sales for existing single-family homes for the quarter rose 13.2% compared to a year ago, while pending inventory was up 8.7% from 4Q 2018.
Looking at Florida's year-to-year comparison for sales of condo-townhouses, a total of 26,932 units sold statewide in 4Q 2019, up 3.3% compared to the same period a year earlier. The statewide median price for condo-townhouse properties for the quarter was $195,000, up 5.9% over the previous year. New pending sales for condo-townhouses for 4Q 2019 increased 6.8% compared to a year ago, while pending inventory was up 4% from the same quarter the previous year.
Year End 2019
Statewide closed sales of existing single-family homes totaled 294,120 at the end of 2019, up 5.9% compared to the 2018 figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations.
Looking to 2020, Chief Economist O'Connor forecasts a robust outlook for Florida's housing market this year. In-migration to the Sunshine State from other states remains strong, with the five top origin states being New York, Georgia, Virginia, Pennsylvania and New Jersey, respectively. In fact, in-migration to Florida helped to drive increased home sales in 2019, according to O'Connor.
"It was exciting to see the almost 6% growth (5.9%) in closed single-family sales in 2019 from 2018," O'Connor said. "Florida topped over $100 billion (total of $101.9 billion) in volume in home sales last year, up 8.3% from 2018; for condo-townhouses, we reached $31.6 billion in volume, up 1.8% over the 2018 figure."
The statewide median sales price for single-family existing homes at year's end was $264,000, up 3.7% from the previous year. New pending sales for existing single-family homes rose 5.2% at the end of 2019 compared to the previous year, while pending inventory for single-family homes increased 8.7% from a year ago.
Looking at Florida's year-to-year comparison for sales of condo-townhouses, a total of 115,659 units sold statewide in 2019, down slightly (0.8%) from 2018. The statewide median price for condo-townhouse properties at the end of the year was $192,000, up 3.8% from year-end 2018. New pending sales for condo-townhouse units for the end of 2019 increased 0.2% compared to a year ago, while pending inventory for condo-townhouses was up 4% from year-end 2018.
At the end of 2019 and also for 4Q 2019, inventory for single-family homes stood at a 3.4-months' supply, while inventory for condo-townhouse properties was at a 5.2-months' supply, according to Florida Realtors.
The interest rate for a 30-year fixed-rate mortgage averaged 3.94% for 2019, down significantly from the previous year's average of 4.54%, according to Freddie Mac.
To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the 4Q 2019 and Year End 2019 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 195,000 members in 51 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
SOURCE Florida Realtors